Here’s what we’re watching ahead of Friday’s opening bell.

• U.S. stock futures edged up as another volley of corporate earnings reports rolled in premarket.
• Futures tied to the S&P 500 ticked up 0.2% after the benchmark stocks gauge posted its 22nd all-time closing high of 2021 on Thursday. Contracts for the Dow Jones Industrial Average, which also hit a record, gained 0.2%. Futures for the technology-heavy Nasdaq-100 index edged up 0.3%.

What’s Coming Up

• The University of Michigan’s preliminary consumer sentiment survey for April, due at 10 a.m., is expected to rise to 89 from a final reading of 84.9 in March.

Market Movers to Watch

• Alcoa shares rose 3.2% premarket. The aluminum producer notched another quarter of pricing power for the metal, highlighting in part a pickup in demand for a commodity that finds its way into everything from cars to buildings.
• Shares of PPG Industries gained 6.7% ahead of the bell. The paints, coatings and specialty materials company gave better-than-expected adjusted earnings guidance for the second quarter.
• DraftKings shares jumped 3.9% premarket. On Thursday DraftKings was among the companies named as official sports betting partners of the NFL. The move allows it to integrate sports betting content directly into NFL Media properties like NFL.com and the NFL App.

• Shares of Morgan Stanley edged up 0.5% after the company reported soaring profits for its first quarter. Record performance across many of its businesses was offset by $911 million in losses it booked related to the blowup at Archegos Capital Management in March.
• Splunk shares dropped 4.5% premarket. Keybanc cut its rating of the stock and set a price target of $179—it ended Thursday at $148.38.
• AppLovin shares inched down 0.4% premarket. The mobile-apps company’s stock ended its first day of trading down 19%, after it raised $1.8 billion in its initial public offering.

Market Facts

• The Dow Jones Industrial Average closed above 34000 for the first time Thursday after strong earnings and upbeat economic data sent stocks climbing. The S&P 500 also notched a record close, its 22nd of the year.
• Bank of America said the pace of new card openings in the first quarter was at around 60% of what it was pre-pandemic, and rising. That is up from a nadir of closer to 40% of pre-pandemic levels.
• On this day in 1991, the Warsaw Stock Exchange reopened for trading, after decades of closure under Communist rule.

Chart of the Day

Investors are getting scared off special-purpose acquisition companies, one of the hottest bets on Wall Street, as regulators intensify scrutiny of SPACs and share prices tumble.

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